Ed Dubbeldam, Chief Technology Officer with Christian Credit Union (Christian CU), constantly watches what’s going on in the financial services market. He doesn’t want his organization to fall behind what others are offering, especially as it relates to digital solutions like online banking and apps.
As the industry gets ready for “omnichannel banking” – which means that whatever channel members are using (online, in person or on an app) they have a personalized and consistent experience – credit unions like Christian CU want to ensure they have the technology and systems in place to meet member needs.
“As a small business, it’s easy to say we can’t afford to be innovative, but I know how important it is to stay ahead of what people want and expect from their financial institution,” said Ed. “We have to be competitive if we want to continue to grow.”
Ed saw an opportunity when digital technology and integration solutions provider Celero came to Christian CU with a cooperative solution that allowed his credit union to begin developing a digital roadmap – without paying a high price up front.
“Thanks to the cooperative model, we can work with other Celero partners to share information and save time and money. What this really means is we can be innovative without greatly impacting profitability, so it translates into more money in our member’s pockets at the end of each year,” said Ed.
The first step on the digital roadmap was getting a better understanding of existing and potential Christian CU members with business analytics. The amount of data already available was vast, but technology was required to make sense of it all.
Now, less than a year later, a solution is ready to go and Christian CU is one step closer to having the deep understanding of members required for omnichannel.
But why does this shift to omnichannel matter?
There’s more information out there about members than ever before, thanks to big data and technology. And access to this data will help credit unions like CCU deliver what members want before they ask for it with personalized service. Imagine your credit union pre-approving your car loan the minute you book an appointment with the auto body shop for yet another tune up. That level of integration is not far-fetched science fiction anymore; it may only be a few years away.
As Christian CU pursues other digital solutions – from online account opening software to internet-based small business banking to electronic signatures – they can take a big picture view and move ahead with the product or tool that will benefit the most people.
“We are being very strategic as we move forward,” said Ed. “Credit unions have been first to offer a lot of things – from ATMs to debit cards and beyond – so we want to find that next big first that will be a game changer for our members and get ready for that.”
To learn more about Christian Credit Union, visit their website here.